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of staff to former president clinton said, this is the most predictable financial crisis in the history of the country that's looming. and this was several years ago. and nothing has gotten better since then. wii juswe just careen closer anr to the tipping point. senator gregg noted that mandatory spending is a primary -- unfortunately, all of the measures put in place have ignored smart entitlement reforms to control spending over the long term and comprehensive tax reforms to make the tax code more ta efficient. we all heard that before from people all across the political speck tom, republicans and democrats, liberals and conservatives. there is a growing consensus that all of these elements must be addressed. douglas holtz-eakin, former director of the congressional budget office noted that the level and projected growth of federal debt are is a threat to future prosperity. the nation, he said, despite claims to the contrary, remains on a damaging debt pathway. dr. holtz-eakin countered arguments that reducing the debt is not urgent because the crisis is a distant threat by pointing
.5 trillion in new revenue and to cover that price tag, president clinton revealed the hard truth. i'll quote president bill clinton. "they'll have to eliminate so many deductions like the ones for home mortgages and charitable giving, that middle-class families will see their tax bills go up. that's the promise of the ryan republican budget. million-dollar-class families will see their taxes bills go up. we don't. we take 7% out of that which means we can focus on the corporate tax spending, on the high-end deductions, the carried interest exception. so we don't have to go officer a the middle class tax cuts. let me close by reading one thing if i may have consent. we have just welcomed a new pope. the conference of catholic bishops had this to say about the ryan budget last year. congress faces a difficult task to balance needs and resources and allocate burdens and sacrifices. just solutions however must require shared sacrifice by all, including raising adequate revenues, eliminating unnecessary military and other spending and fairly addressing the long-term costs of health insurance and
clinton did with aid to families with dependent children. so you have this reform of entitlements, reform of the various welfare programs and tax reform taking the top rate on individuals to 25%, the bottom rate to 10%. so you have two rates, 10 and 25. now we go from 10 up to 44 these days. and the corporate rate, which is 35% right now, the average in europe is 25. so when we compete internationally, we've hobbled ourselves because we tax our companies, our manufacturing companies more harshly than they do theirs. he wants to take that rate to 25 so it's close, so it's at the european average. now, i'd rather be better than europe. the canadians are about 17%. i prefer the canadian rate than the european average. so the republicans and democrats in their two budgets really show who they are. now, there's also a third budget which is the progressive budget which is the more liberal democrats, and they do massive new taxes on top of the ones i discussed plus massive new spending. so you have a sense of there's some democrats who want to go even further into big government than patty murra
clinton and the democrats with some help from some republicans had put in place, they shredded it under george bush by giving tax breaks to the wealthiest, putting two wars on the credit card, a prescription drug plan that didn't allow medicare to negotiate for lower prices, and the deficit went wild. and it didn't even make sense from an -- i am an old -- i am old. i'm an old economics major, and i remember the basics. you know, you don't go into such deep, deep debt because if there is a recession, you can't really help spend your way out of it, and what happened is when president obama got elected, he faced the worst deficit crisis. that deficit went up to well over a trillion. he's gotten it back to $850 billion. it's still too high, but the fact is i never heard a word from my really good friends on the other side of the aisle. when they were racking up those deficits. oh, this supply-side stuff is going to be great. well, it wasn't great, it wasn't good, and i'm glad that this budget takes us back to the notion in the clinton years which is you have a balanced approach between rev
in 1997 when, under president clinton, we all worked together and balanced the budget for the first time in 30 years. came into the senate in 2001. we were debating the largest budget budget surplus projected in the history of the country. that's where we were. and the question was, what kind of economic policies, what kinds of approaches would we put in place to be able to manage that fact that we had the largest budget surplus projected in the history of the country. and there were two proposals put forward at that time. and we and when the look at the way the debt was going in 2001, it's amazing, if we had taken a different track than what happened. i remember as a new member, a new democrat that our leader on our side of the aisle, senator conrad, came forward with a proposal that i felt was eminently reasonable. he said, why don't we take that budget surplus projected explus divide it into third -- projected budget surplus and divide it into their. a third of it for strategic tax cuts to grow the economy, a third of it for strategic investments in education and science, r&d, you kno
with john endingler, welfare reform happened in the states. newt gingrich finally got bill clinton to sign it into law a little bit later. you go all the way back to the early 970s when ronald reagan wasn't the president, but the governor of california, and tax reform happened in that state. and it wasn't until later, ironically back in california, when ronald reagan as the president signed into raw the economic recovery -- into law the economic recovery act. real reform happened in the states. as was mentioned yesterday, there are now in america some 30 states that have republican governors and nearly as many that have republican legislatures. [applause] and so that's the good news. the good news is we have success, and it's happening in our states, and we can learn from that to tell our friends and our colleagues in washington how to move forward. because, you see, in the states to be successful we have to be optimistic. we have to be relevant. and most importantly, we have to be courageous. let me talk to you a little bit about each of those three things. you see, when it talks about be
balanced the budget. i was note those were the years when we had a democratic president, president clinton, we were working off of the 1993 deal that was made to both reduce spending and increase revenues. we had growth in the economy. we had low unemployment. we balanced the budget for five years in a row. now, during that time -- during that time our revenues averaged about 20% of our gross domestic product. now it's down to less than 18%. so -- and we also know that demographics, including the tens of millions of baby boomers becoming eligible for social security and medicare, will place vast new demands on our budget. at the same time we need to make investments in infrastructure, research, education to prepare our young people and our economy for the competitive global economy that's coming. i remind my colleagues that when president george w. bush's tax cut was passed in 2001, it was defended on the grounds that it was only going to take a small part of the projected surplus as that we were going to have for the next ten years. that was -- that's what was said. well, as we now know,
president clinton had seen president assad in geneva in january 1994. and prior to the trip, we had, you know, the prime minister conveyed to us what it is he wanted to see come out of it. and we actually produced what it is he wanted to see come out of it. so i walked into the meeting with rabin feeling highly confident, you know, all right, we did what you asked. and the first thing he did was immediately devalue what i came with. now, why did he do it? because he knew i was coming to ask something of him. and if you go into these kinds of meetings and the expectations are very high, then each leader is suddenly worried about what you're going to ask of them. when the expectations are low, you're in a much better position to have a serious conversation, and you can actually explore, all right, what are the possibilities here. but maybe the way you frame that conversation is by talking about what are the consequences of not getting anything done with each side? and if the consequences are severe enough, how can we think together about what it is that could be possible, and where could t
this issue that in january of 2001, when president bill clinton left office, this country had an annual federal budget surplus of $236 billion. a surplus of $236 billion in january 2001. we now have an $850 billion deficit. what happened? well, i think many americans know what happened. when you go to war in afghanistan and iraq and you don't pay for those wars, you add to the deficit. when you give huge tax breaks to the wealthiest people in this country and you don't offset that, you add to the deficit. when you pass a medicare part-d prescription drug program, you don't pay for that, you add to the deficit. and on top of all of that, we must understand that right now at 15.8% of g.d.p., revenue coming in to the federal government is the lowest that it has been in 60 years. and the reason for that is that we are in the midst of a very serious recession, a recession caused by the greed, recklessness and illegal behavior on wall street. and not only has that led to significant increases in unemployment and businesses going under; once again, it resulted in less tax revenue coming in to
a page out of the clinton play book from, gosh, 12, 13, 14, 15 years ago when we had a big deficit, not as big as this, but they adopted a deficit reduction plan, engineered buyer skin bowles and the president's chief of staff, and they did a deficit reduction plan in 1997 with bipartisan support that said for every dollar of spending that we cut, we raise a dollar of revenues. and we ended up with four balanced budgets in a row. the budget that comes out of the budget committee is similar in that it's dollar for dollar, dollar revenue, dollar deficit reduction on the revenue side or dollar on the spending side. but unlike what happened 12 years ago, -- 15 years ago, actually, we don't get to a balanced budget. if there is a fault in the budget that's come out of the budget committee, while it reduces our debt, publicly held debt as a percentage of gross domestic product from about 73%, 72% down to about 70% in ten years, it stabilizes the debt and starts to bring it down as a percentage of g.d.p. we still will have a budget deficit of over a trillion dollars ten years from now. is
. we can get to pay balanced budget without a sequester. we did that under bill clinton. we had a balanced approach. we made investments in our people. we cut out unnecessary spending. and we had a fair tax code. so, you know, i could go on with the problems. 25,000 fewer women will get breast cancer screenings. and i could offer an amendment on that. i want to offer an amendment on that, but i understand, we have to keep the government running. and that's what this continuing resolution does. and i praise the republicans on the other side that crossed over to vote with democrats. thank you very, very much for seeing that we can't turn this bill into everyone's favorite, you know, amendment to restore something that is cut because of the sequester that none of us ever thought was going to move forward. and i want to repeat this. my friend talks about the f.a.a. i agree with him. i hope he would agree with me on head start, on teachers, on title 1, on h.i.v. tests, on breast cancer screenings. and how about the $540 million that is cut from the small business administration loan
Search Results 0 to 10 of about 11